Bank of Nova Scotia has acquired a majority interest in Five Continents Financial Ltd. (FCFL), a leading global asset management company in the Cayman Islands, Scotiabank said Friday.

Terms of the transaction — which closed earlier this week — were not disclosed.

“Scotiabank is always looking for strategic growth opportunities,” said Dan Wright, senior vp, wealth management, international banking, in a release.

“We see significant opportunity for growth in the Caribbean and Central America and this partnership in the Cayman Islands further demonstrates our commitment to growing and investing across the region,” Wright added.

Founded in 1993 by its co-managing directors Bill Messer and Scott Elphinstone, who remain minority shareholders, FCFL has assets under management of US$458.3 million. FCFL’s discretionary asset management services are focused on managing conservative global investment portfolios for individuals, corporations, insurance companies, pension plans, trusts and third-party investment funds. The firm also offers a variety of corporate services, including offshore company incorporation, administration and custodial services.

“Scotiabank has been long-recognized as a leading player in the Caribbean and Central America, particularly in the Cayman Islands,” said Bill Messer, Managing Director, FCFL.

Scotiabank has been part of the Caribbean and Central America since 1889. It is now the leading bank in the region, with operations in 27 countries, including affiliates.

IE